The Northern Elders Forum (NEF) has expressed deep concern about the reported plans by the Central Bank of Nigeria (CBN) to relocate major departments from the Abuja headquarters to the former headquarters in Lagos.

It expressed its opposition to the move which, it alleges, would widen economic disparity between Northern and Southern Nigeria.

NEF, in a statement by its director of publicity and advocacy, Abdul-Azeez Suleiman, said the organisation recognises the importance of the departments in question, including Banking Supervision, DBS; Other Financial Institutions Supervision, OFISD; Consumer Protection Department (CPD); Payment System Management Department (PSMD) and Financial Policy Regulations Department (FPRD), as vital components of the CBN.

He said as stated in the BOFIA Act (Banking and Other Financial Institutions Act), the affected departments are crucial to the functioning of the CBN and, therefore, relocating them to Lagos will only serve to further strengthen the already dominant position of Lagos, while potentially weakening the significance and role of Abuja.

He said while the NEF acknowledges the CBN’s desire to improve efficiency and effectiveness, it is worried about the potential negative impact of relocating these essential departments on both the institution itself and the nation as a whole.

He noted that the movement would involve increased costs, loss of talent, disruption in operations, reduced coordination, regional economic disparities, impaired economic development in northern Nigeria, and decreased investor confidence in the nation’s economy.

He listed some of the potential consequences: “It would require significant financial investment as the CBN would need to allocate funds for setting up new offices, purchasing or leasing properties, relocating employees, and other infrastructural requirements. This would strain the CBN’s budget and divert resources away from other essential functions and initiatives.

“The CBN has a well-established workforce in Abuja, including professionals with significant knowledge and experience. Moving key departments to Lagos may lead to a loss of skilled employees who are unable or unwilling to relocate. This brain drain could negatively impact the CBN’s performance and efficiency.

“Relocation would lead to a temporary disruption in the CBN’s operations. Employees would need time to adjust to their new surroundings, potentially causing delays in decision-making and implementation. The transition period could result in reduced productivity, inefficient processes, and decreased service levels, further impacting the CBN’s effectiveness.”

It further stated that moving key departments to a different geographical location would hinder effective coordination and communication with other government agencies in Abuja.

“The CBN, as the nation’s monetary authority, relies on close cooperation with other bodies, such as the Ministry of Finance and relevant regulatory authorities. Physical separation may lead to increased bureaucracy and slower response times, negatively affecting policy formulation and execution,” it contended.

Furthermore, he said shifting key departments to Lagos, which is located in the southwestern part of Nigeria, would exacerbate regional economic disparities, adding that the concentration of such important positions and offices in one region may perpetuate the perception of Lagos as the economic centre, potentially marginalising other regions, especially Northern Nigeria, saying this could lead to increased feelings of neglect or economic imbalance, creating social and political tensions.

MrEverest:
Lol, who are these ones? FAAN has been relocated to Lagos along with CBN and others are going to be relocated from Abuja to Lagos too. Tinubu has returned the capital to Lagos and there is nothing the north can do about it.

Firstly, he removed Fulanis and other northerners in crucial positions like Customs, CBN and NNPC and replaced them with Yorubas. What did you people do aside to make noise? Now he has technically moved the capital back to Lagos, it’s only noise you will make too.

Meanwhile, if you guys think you will remove him through the ballot, then you’re out of your mind. Tinubu will remove Mahmoud and replace him with a Yoruba omoluabi who will ensure he wins the election by all means necessary, even if it means grabbing and running with it. By the time Tinubu is done with you guys, you won’t even have mouth to talk again.

MrEverest:
Lol, who are these ones? FAAN has been relocated to Lagos along with CBN and others are going to be relocated from Abuja to Lagos too. Tinubu has returned the capital to Lagos and there is nothing the north can do about it.

Firstly, he removed Fulanis and other northerners in crucial positions like Customs, CBN and NNPC and replaced them with Yorubas. What did you people do aside to make noise? Now he has technically moved the capital back to Lagos, it’s only noise you will make too.

Meanwhile, if you guys think you will remove him through the ballot, then you’re out of your mind. Tinubu will remove Mahmoud and replace him with a Yoruba omoluabi who will ensure he wins the election by all means necessary, even if it means grabbing and running with it. By the time Tinubu is done with you guys, you won’t even have mouth to talk again.

Aile:
The headquarters shouldn't have been relocated to Abuja in the first place. Lagos is the economic center of the nation

chymer:
The Northern Elders Forum (NEF) has voiced its strong opposition to the reported intentions of the Central Bank of Nigeria (CBN) to move major departments from its Abuja headquarters to its former base in Lagos.


The NEF expressed its concerns, citing fears that such a move could potentially widen the economic gap between Northern and Southern Nigeria.


Abdul-Azeez Suleiman, the director of publicity and advocacy for NEF, issued a statement highlighting the critical nature of the departments in question, which include Banking Supervision (DBS), Other Financial Institutions Supervision (OFISD), Consumer Protection Department (CPD), Payment System Management Department (PSMD), and Financial Policy Regulations Department (FPRD).


Suleiman argued that relocating these vital components to Lagos would not only fortify the already dominant economic position of Lagos but also diminish the significance of Abuja.
While acknowledging the CBN's aim to enhance efficiency and effectiveness, NEF expressed apprehension about the potential adverse impacts of relocating these essential departments on both the institution and the nation.


Suleiman outlined several potential consequences, emphasizing the financial burden and potential brain drain that the move could trigger.



Full Story: https://naijaupdate.ng/northern-elders-firmly-reject-cbns-proposal-to-relocate-key-departments-to-lagos/

MrEverest:
Lol, who are these ones? FAAN has been relocated to Lagos along with CBN and others are going to be relocated from Abuja to Lagos too. Tinubu has returned the capital to Lagos and there is nothing the north can do about it.

Firstly, he removed Fulanis and other northerners in crucial positions like Customs, CBN and NNPC and replaced them with Yorubas. What did you people do aside to make noise? Now he has technically moved the capital back to Lagos, it’s only noise you will make too.

Meanwhile, if you guys think you will remove him through the ballot, then you’re out of your mind. Tinubu will remove Mahmoud and replace him with a Yoruba omoluabi who will ensure he wins the election by all means necessary, even if it means grabbing and running with it. By the time Tinubu is done with you guys, you won’t even have mouth to talk again.

plessis:

Do you remember this when you attack non-indigenes for expressing their right to vote?

CharleyBright:



Hmmm.
Don't be a miscreant and support the bad handiwork of Tinubu and then start counting your chickens before they hatch. It will shock you.
The North will fight back. I know them well enough.
They will dump APC and jump into NNPP enmasse in the North knowing LP and PDP with still erode APC in the south.
No region can win election on its own.
Two region need to support each other to win election. Tinubu APC cannot woo the SE to get their vote, he can only try to woo the north like he did in 2023. But if the north deny him the support, Otilor.